With the October 31st deadline for lodging Individual Tax Returns now less than three weeks away, let’s take a look at what you should do between now and then to ensure you don’t miss the deadline.
To lodge your 2011 tax return, follow these easy steps:
- Find your 2010-2011 PAYG summaries which should have been issued by your employer.
- Collect all expense receipts from the past financial year.
- Register or Log in at Etax.com.au and begin your 2011 tax return.
- Fill out as many details as possible – it doesn’t have to be perfect because we’ll check your return prior to lodgement.
- Electronically sign your return.
It’s that easy! After you sign your return, Etax Accountants will do the rest. Our accountants will check your return for accuracy and further deductions – at least twice – prior to lodgement with the ATO. And, if they have any further questions, they’ll contact you for more information.
Did you know that the ATO could impose hefty fines if you lodge your tax return after October 31st? The table below summarises the penalties that can be imposed by the ATO:
|Days Past Deadline ||Late Lodgement Penalty ||General Interest Charge |
|1 - 28 days ||$110 ||Interest will be charged on any amount of tax owed to the ATO from October 31 at a rate of 11.86% per annum |
|29 - 56 days ||$220 || |
|57 - 84 days ||$330 || |
|85 - 112 days ||$440 || |
|113+ days ||$550 || |
Therefore, we strongly suggest that you lodge your 2011 tax return prior to October 31st. Our accountants are always happy to help and if you have any queries about your return, don’t hesitate to email the team on firstname.lastname@example.org or call us on 1300 693 829.
Remember, at Etax.com.au we make doing your taxes easy and we’ll ensure you get the best refund possible!